Author: Desmond Brooks

The UK’s Financial Conduct Authority (FCA) has issued a cautionary notice against IC Markets Global, stating that the company may be operating without proper authorization in the UK. The warning suggests that investors should exercise caution when dealing with the firm, as they may not have access to protective compensation schemes. FCA’s Concern Over Unauthorized Services The FCA announced that IC Markets Global appears to be offering financial services in the UK without the necessary permissions. According to the regulator, almost all companies offering or promoting financial products in the UK must be authorized. However, IC Markets Global does not…

Interactive Brokers has reported a strong performance in September, showcasing a significant rise in trading activity and client assets. The company’s monthly report reveals robust growth in Daily Average Revenue Trades (DARTs) and client equity, underlining its ability to maintain and attract a diverse base of clients. Impressive Trading Metrics The brokerage firm recorded 2.634 million DARTs in September, reflecting a 46% increase compared to the same period last year. However, this was a slight decrease of 3% compared to August’s figures. Client equity reached $541.5 billion, representing a 46% year-over-year growth and a 5% uptick since August. Interactive Brokers…

Stripe, a leading financial infrastructure platform, has announced the launch of its new flagship office in Toronto, underscoring the city’s position as a growing technology hub and the fourth-largest tech talent market in North America. This move comes as the company reports a significant 50% increase in payment volume from Canadian businesses between 2021 and 2023. Driving Growth for Canadian Startups and Enterprises Stripe’s services cater to a diverse range of businesses across Canada, from startups like Workleap and Thinkific to larger enterprises such as Shopify, Enercare, FreshBooks, and SkipTheDishes. The platform enables these companies to develop new revenue models…

Blueberry, a well-known broker specializing in forex and contracts for differences (CFDs), has streamlined its brand by dropping “Markets” from its name, now operating under the simpler moniker “Blueberry.” While the company has not publicly disclosed its reasons for the rebranding, it has revamped its trading platform’s design, showcasing a new logo and updated visual elements. Name Changes Across the Brokerage Industry The decision to modify company names is not new in the brokerage world. Many firms have adjusted their branding to better align with their service offerings. Notably, Vantage removed “FX” from its brand name, and Scope Markets rebranded…

The Cyprus Securities and Exchange Commission (CySEC) has released a new set of regulatory guidelines aimed at investment firms offering fractional shares. As fractional investing gains traction among retail investors, the new rules clarify when such investments qualify as direct share ownership under the EU’s Markets in Financial Instruments Directive (MiFID II). Clarifying Fractional Share Ownership for CIFs In its latest circular, CySEC provides a detailed framework for Cyprus Investment Firms (CIFs) offering fractional exposure to shares through trust arrangements. This guidance ensures that such investments are treated as direct share ownership, thereby subjecting them to the same regulatory obligations…

Match-Trade Technologies has introduced significant upgrades to its proprietary trading solution, focusing on improving its Customer Relationship Management (CRM) system. These new features are designed to streamline challenge management, enhance trader communication, and offer greater flexibility for brokers managing prop trading programs. Manual and Automatic Progression Options One of the standout updates is the introduction of a flexible phase progression system. Brokers now have the ability to choose between manual and automatic progression through different challenge stages, providing a higher level of control and customization. This flexibility allows brokers to determine whether traders can automatically move to the next phase…

As the global trading landscape continues to evolve, firms are facing a growing demand from employees for shorter market hours and increased workplace flexibility. A recent study by Sustainable Trading highlighted that long hours, lack of flexibility, and concerns over career growth remain major challenges for many professionals in the industry. Survey Insights: The Need for Change A survey of 270 trading professionals revealed that companies must adapt to meet the expectations of a modern workforce and retain top talent. The report showed that a substantial 35% of respondents who provided additional comments emphasized the need for shorter market hours.…

Two UK-based subsidiaries of the U.S. market-making giant Citadel Securities have published their financial results for 2023, revealing a combined profit increase of 35% compared to the previous year. While one branch saw a slight decline in performance, the other delivered strong results, driving overall growth. Revenue and Profit Growth at Citadel Securities UK The financial reports for Citadel Securities (Europe) Limited and Citadel Securities Finance (UK) Limited, two subsidiaries of Citadel Securities Group, were recently made available through the UK’s Companies House. Citadel Securities (Europe) Limited, which specializes in providing liquidity and market-making services in equities and futures, as…

The U.S. Securities and Exchange Commission (SEC) has taken action against Harvest Volatility Management LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. over violations related to excessive client exposure in investment accounts. These breaches, which occurred between 2016 and 2018, led to increased fees, heightened financial risks for clients, and significant investment losses. Both Harvest and Merrill Lynch have agreed to pay a total of $9.3 million in penalties and restitution to settle the charges brought by the SEC. Investor Risk Exposure and Increased Fees According to the SEC’s findings, Harvest Volatility Management acted as the investment adviser and…

London-based retail broker FxPro UK has reported a return to profitability for the year ending December 2023, following two consecutive years of losses. The company’s latest financial report, filed with Companies House UK, highlights a significant boost in revenue, driving its recovery. FxPro posted a profit of £153,103 for 2023, a marked improvement from the £614,558 loss it reported the previous year. The broker also reversed an operating loss of £611,497, turning it into a profit of £93,283. While distribution costs rose from £212,780 to £331,517, FxPro successfully reduced its administrative expenses, bringing them down from £1,511,382 to £1,182,292. Strong…